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National Australia Bank Limited (ASX:NAB) chairman Michael Chaney says the lender has made progress in rectifying mistakes of the past decade.
Mr Chaney told reporters after the bank’s annual general meeting in Melbourne that NAB expected economic growth of 2.25 to 2.5 per cent next year, which is below trend and would lead to a rise in the unemployment rate to as much as 6.5 per cent.
He didn’t offer a forecast for credit growth, saying while the bank is hopeful it will pick up, it depends on confidence.
Mr Chaney said continued record profits relied on innovation, cost control, and ensuring the bank was able to provide the services the future banking world will require.
NAB generated a net profit of $5.46 billion in fiscal 2013.
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Last
$43.72 |
Change
0.300(0.69%) |
Mkt cap ! $133.3B | |||
| Open | High | Low | Value | Volume |
| $43.42 | $43.74 | $43.31 | $92.29M | 2.122M |
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| Price($) | Vol. | No. |
|---|---|---|
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| NAB (ASX) Chart |